By: 16 May 2023

The UAE wants to attract FDI and diversify its economy

UAE’s Ministry of Economy signs MoU with Presight

The UAE’s Ministry of Economy has signed a memorandum of understanding with Presight, a data analytics company, to drive foreign direct investments (FDI) into new sectors within the country. 

Abu Dhabi-based Presight will use its data, analytics and artificial intelligence in education, healthcare and financial services to attract new investment. 

The agreement will focus on attracting AI companies and technologies, to drive mergers and acquisitions in the sector. 

It also aligns with the government’s efforts to diversify the UAE’s economy and attract talent. 

The signing took place at the 12th Annual Investment Meeting in Abu Dhabi, by Juma Al Kait, assistant undersecretary of foreign trade at the Ministry of Economy, and Dr Adel Al Sharji, chief operating officer of Presight. 

Al Kait said: “The country’s increasing economic openness to the world has contributed to the development of the investment and business environment in line with international best practices. 

“This in turn has boosted FDI inflows to the country in line with the ‘We the UAE 2031’ vision that aims to double the GDP to reach AED 3t by 2031. 

“This cooperation will strengthen the government’s partnership with the private sector and promote promising investment opportunities in the country to accelerate the national FDI agenda.” 

Al Sharji commented: “Our partnership aims to identify and promote promising investment opportunities in emerging sectors, which will attract foreign investment and solidify the UAE’s position as a global investment and business hub.” 

Image: Canva 

Josh Poyser
Josh Poyser is an editor at FinTech Intel. He has written about fintech for several years and appeared at FinTech Connect 2023 on the 'Unlocking Success: The Art of Fintech PR' panel.